{"id":18916,"date":"2020-05-29T05:05:07","date_gmt":"2020-05-29T05:05:07","guid":{"rendered":"https:\/\/rbsitsoftwaresolution.com\/blog\/wasabi-announces-30m-series-b-as-cloud-storage-business-continues-to-grow.html"},"modified":"2020-05-29T05:05:07","modified_gmt":"2020-05-29T05:05:07","slug":"wasabi-announces-30m-series-b-as-cloud-storage-business-continues-to-grow","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wasabi-announces-30m-series-b-as-cloud-storage-business-continues-to-grow.html","title":{"rendered":"Wasabi announces $30M Series B as cloud storage business continues to grow"},"content":{"rendered":"

We may be in the thick of a pandemic with all of the economic fallout that comes from that, but certain aspects of technology don\u2019t change, no matter the external factors. Storage is one of them. In fact, we are generating more digital stuff than ever, and Wasabi<\/a>, a Boston-based startup that has figured out a way to drive down the cost of cloud storage, is benefiting from that.<\/p>\n

Today it announced a $30 million Series B led led by Forestay Capital, <\/a> the technology innovation arm of Waypoint Capital, with help from previous investors. As with the previous round, Wasabi is going with home office investors, rather than traditional venture capital firms. Today\u2019s round brings the total raised to $110 million, according to the company.<\/p>\n

While founder and CEO David Friend wouldn\u2019t discuss the specific valuation, he did say it was in the hundreds of millions of dollars.<\/p>\n

Friend says the company needs the funds to keep up with the rapid growth. \u201cWe\u2019ve got about 15,000 customers today, hundreds of petabytes of storage, 2,500 channel partners, 250 technology partners \u2014 so we\u2019ve been busy,\u201d he said.<\/p>\n

He says that revenue continues to grow in spite of the impact of COVID-19 on other parts of the economy. \u201cRevenue grew 5x last year. It\u2019ll probably grow 3.5x this year. We haven\u2019t seen any real slowdown from the coronavirus. Quarter over quarter growth will be in excess of 40% \u2014 this quarter over Q1 \u2014 so it\u2019s just continuing on a torrid pace,\u201d he said.<\/p>\n

The challenge for a company like Wasabi, which is looking to capture a large chunk of the growing cloud storage market, is the infrastructure piece. It needs to keep building more to meet increasing demand, while keeping costs down, which remains its primary value proposition with customers.<\/p>\n

The money will be used mostly to continue to expand its growing infrastructure requirements. The more they store, the more data centers they need, and that takes money. It will also help the company expand into new markets where countries have data sovereignty laws that require data to be stored in-country.<\/p>\n

The company launched in 2015. It previously raised $68 million<\/a> in 2018.<\/p>\n

\n

Wasabi just landed $68 million to upend cloud storage<\/a><\/p>\n<\/blockquote>\n

\n

Note: This article originally stated this was a debt financing round. The company has clarified that it is an equity round.<\/em><\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/3sTF8r2sRnI\/<\/p>","protected":false},"excerpt":{"rendered":"

We may be in the thick of a pandemic with all of the economic fallout that comes from that, but certain aspects of technology don\u2019t change, no matter the external <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-18916","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t